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Apparently we can sign first team players under limited circumstances during the embargo:

“The rules state that the Hoops are able to bring in a new senior signing if they're replacing an outgoing player.

This would mean that any new arrival would need to arrive on a free transfer, and could not be paid more than £600,000 per year (£11,500 per week), or be paid a salary of more than 75% of the player which he's replacing.

QPR would also be unable to pay any fees to agents or other intermediaries as part of any deal.”